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Posts Tagged ‘how to get a loan modification from wells fargo’

Loan Modification From Wells Fargo

Question: Do Home Loan modifications really work?

I have my home loan threw Wells Fargo and have had my loan for 3 years I have never been late and now I am having money problems. My work is slowing down and I am looking into a part time job. I missed a housepayment and I called the lender, they mentioned somthing about a Home Loan Modification where they can crunch numbers and my payment be lower is that for sure or are they stringing me along. Has anyone been threw this and how many payments do you have to miss untill you can qualify for this? I have to call her later, she wasnt to clear about it. Some advice would be nice.Would it be better to refinanace. I am at a 6.2% interest rate. with a 600 credit score. Advice anyone?

Answer: Wells Fargo is one of the best banks to work with.

They might give you an adjustable for around 5% for 3-4 years. You need to weight the options, but since your problem is only temporary you might ask for a forbearance instead. With a forbearance they let you not pay for 2-3 months so you can get situated and put the money on the tail end of the loan.

Since you have a really good loan already I am not sure that a modification or a refinance would help you all that much.

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